The COP29 President, Azerbaijan’s Minister of Ecology and Natural Resources, Mukhtar Babayev, emphasized that the past two weeks involved intense negotiations among parties. He noted that no one wanted to leave Baku without achieving substantial results on key issues, underlining that the world’s attention was focused on the conference. Mr. Babayev urged participants to work actively on resolving remaining disagreements.
Following this, Brazil’s Minister of the Environment, Marina Silva, spoke about the upcoming COP30 in her country, expressing hope that it would set an example of enhanced cooperation among nations.
She stressed the importance of reaching a final agreement and uniting efforts despite the difficulties faced during COP29 discussions. “Given the crisis we face, such matters demand urgent solutions. Achieving this agreement depends on building solidarity among parties. Society expects us to move forward responsibly,” she said.
During the plenary session, the reports of discussions held within COP29, meeting protocols, and agreed documents were approved. A resolution was adopted to officially express gratitude to Azerbaijan for the high-level organization of COP29.
The session also fully endorsed Article 6 of the Paris Agreement, marking the conclusion of a decade of negotiations on integrated carbon markets. This issue was among the key priorities of the COP29 Presidency, which facilitated this milestone through intensive bilateral technical and political negotiations. This approach helped break a longstanding deadlock, finalizing a critical element of the Paris Agreement.
Article 6 establishes reliable and transparent carbon markets for countries cooperating on climate goals. This cross-border collaboration is expected to reduce the cost of implementing Nationally Determined Contributions (NDCs) by up to $250 billion annually. The COP29 Presidency encouraged reinvesting these savings into more ambitious climate goals. The next generation of NDCs, to be presented in February, is vital for achieving the global target of limiting warming to 1.5°C.
Article 6 addresses one of the most complex and technically challenging issues in climate diplomacy, encompassing coal plant decommissioning, wind farm construction, and reforestation. It represents a new wave of investment in developing nations. The unanimous decision on Article 6 will play a pivotal role in ensuring environmental integrity, unlocking substantial potential for increased global climate investments through transparency and the sustainability of carbon markets. The adopted guidelines aim to ensure that carbon projects remain practical, inclusive, respect human rights, and support sustainable development, enabling countries and project developers to collaborate confidently under the Paris Agreement.
The plenary session also saw the historic decision to fully operationalize the Loss and Damage Fund, eagerly awaited by developing nations, including small island states, least-developed countries, and African nations. This aligns with the priority set by Azerbaijan’s President Ilham Aliyev to address climate change impacts on small island nations during COP29.
The Loss and Damage Fund was agreed upon at COP27 in Egypt to provide financial assistance to countries most vulnerable to climate change impacts. At COP28 in the UAE, the decision was made to commence its operations. COP29’s Presidency took significant steps to ensure the Fund’s functionality, working closely with its board and the World Bank.
At the third board meeting held in Baku this September, key measures were implemented to initiate the Fund’s activities, including appointing its executive director. Several important agreements were signed at COP29 concerning the Loss and Damage Fund, such as the “Trust Fund Agreement” and “Secretariat Hosting Agreement” between the Fund’s board and the World Bank, as well as the “Host Country Agreement” with the Republic of the Philippines.
Currently, the total pledged financial support for the Fund exceeds $730 million. These developments enable the Fund to begin financing projects in 2025, marking another success of Azerbaijan’s COP29 Presidency.
The plenary also decided to provide financial and technical support to developing nations for capacity building and preparation of Biennial Transparency Reports under Article 13 of the Paris Agreement. This resolution includes implementing the Enhanced Transparency Framework established by Article 13, with financial and technical support for developing countries to prepare Biennial Transparency Reports.
The Baku Global Climate Transparency Platform, an initiative of the COP29 Presidency, was also included in the document. This resolution acknowledged COP29 Presidency’s efforts in climate transparency, including organizing forums and training sessions, and creating the Baku Global Climate Transparency Platform, a key legacy of COP29 in climate transparency.
Additionally, a New Collective Quantified Goal on Climate Finance, a central priority of COP29, was adopted at the plenary session.
According to the document, developed countries will collectively mobilize at least $300 billion annually by 2035 for climate action in developing nations, up from the previous $100 billion target. These funds will come from all possible sources, including public, private, and multilateral channels. The document also encourages developing nations to contribute voluntarily to climate finance.
The plenary session approved several other documents, including those addressing “Gender Issues and Climate Change,” the “Global Adaptation Goal,” and the “Sharm El-Sheikh Mitigation Ambition and Implementation Work Programme.”
UNFCCC Executive Secretary Simon Stiell highlighted the significant decisions made at COP29 but emphasized that much work remains. He noted that COP29 achieved an agreement to triple climate finance goals, which is critical for supporting those most vulnerable to climate change impacts. Mr. Stiell welcomed the breakthrough agreement on the global carbon market after nearly a decade of effort.
COP29 President Mukhtar Babayev thanked Azerbaijan’s President Ilham Aliyev for his support in organizing the event at a high level. He also acknowledged the contributions of UN leadership, relevant institutions, Azerbaijani government agencies, the COP29 Operational Company, and volunteers.
The plenary session concluded with speeches from representatives of various countries.
